CASE STUDY MAYU LLC , Should she partner with several individuals who had asked her to help them also import knitwear from Peru? She wanted to protect her "trade secret"—the artisans who she had worked hard to train.
Answers
When deciding whether to partner with several individuals who want to import knitwear from Peru, Mayu LLC needs to carefully consider the potential benefits and risks involved. The primary concern for Mayu is the protection of her "trade secret," which is the group of artisans she has trained.
On one hand, partnering with others could bring several advantages. It could lead to increased market reach, expanded distribution channels, and shared resources such as capital and expertise. Collaborating with partners could also help Mayu LLC to scale up the business and potentially increase profits. By leveraging the networks and capabilities of these individuals, Mayu could tap into new opportunities and accelerate growth.
However, there are also risks to consider. Partnering with others may expose Mayu's trade secret to potential competitors or imitators. There is a possibility that the artisans she has trained could be poached by the partners or that they may replicate the business model and establish their own competing ventures. This could lead to a loss of the unique value proposition that sets Mayu LLC apart in the market.
To make an informed decision, Mayu should carefully evaluate the credibility and trustworthiness of the individuals seeking partnership. She should establish clear agreements and contracts that protect her trade secret and intellectual property. It may also be beneficial to explore alternative forms of collaboration, such as licensing or joint ventures, that provide a level of control over her trade secret while still allowing for partnerships.
Ultimately, the decision should be based on a thorough assessment of the potential benefits, risks, and alignment of interests between Mayu LLC and the potential partners. Protecting her trade secret should be a top priority, and any partnership should be structured in a way that safeguards the competitive advantage Mayu has built through her trained artisans.
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Related Questions
The three elements of the marketing concept are __________.
a. Market share, customer needs, marketing mix
b. Customer needs, company goals, profits
c. Channel management, customer needs, profits
d. Planning, target market, social media marketing
Answers
Answer:
B. Customer needs, company goals, profits
Explanation:
Jarrah sells office supplies from a store in Sandusky, Ohio. He decides to hire a web developer to create a website for customers with the option to view and purchase office supplies. This example best describes the concept of ________, which is a(n) ________ force.
Answers
The instance best describes the concept of e-commerce, which is a technological force.
What is E-commerce?E-commerce is the purchasing and selling of products and services, as well as the transfer of payments or data, through an electronic network, most notably the internet.
These transactions might be business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer (C2C), or consumer-to-business (C2B). In the above situation, the instance best describes e-commerce, which is a technical force.
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Company Z understands that their business is at risk. How can they use step two in the
Decision Making Process to reach their end goal of increasing sales and customer satisfaction?
Answers
Company Z can use step two in the decision-making process to achieve its ultimate goal of increasing sales and customer satisfaction by gathering the relevant information about a decision.
Step two of the decision-making process corresponds to gathering relevant information after the decision has been identified. At this stage, internal and external work is necessary, analyzing the errors and successes related to a past decision.
Therefore, it is necessary for company Z to seek information from different sources, such as the results of previous decisions, studies, market research and consultancy, to ensure greater chances of a decision being effective.
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The long-run market supply curve would be downward-sloping if the representative firms': a. Have different cost structures b. Have the same cost structures c. Have perfect information d. None of the above
Answers
The long-run market supply curve would be downward-sloping if the representative firms' have different cost structures (option a). This is because firms with lower costs can produce more output at lower prices, causing the supply curve to slope downwards as prices decrease.
The long-run market supply curve would be downward-sloping if the representative firms have different cost structures. In this scenario, as the market price increases, some firms with lower costs will enter the market, while firms with higher costs will exit. This will increase the total quantity supplied at each price, resulting in a downward-sloping supply curve.
If the representative firms have the same cost structures, the long-run market supply curve will be perfectly elastic, meaning that the quantity supplied will be constant at all prices. Having perfect information is not directly related to the shape of the long-run market supply curve. Therefore, the correct answer is a) Have different cost structures.
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if market demand is 2,000 units of a product per day and there is 14 hours of production time available each day across two shifts, how many units need to be produced per minute to match market demand?
Answers
2.38 units need to be produced per minute to match market demand, when market demand is 2,000 units of a product per day.
How many units need to be produced per minute to match market demand?Given that the market demand is 2,000 units of a product per day, 14 hours of production time are available each day across two shifts.
To determine the number of units that need to be produced per minute to meet market demand, follow these steps:
Step 1: Find the number of minutes in 14 hours.There are 60 minutes in one hour.Therefore, the total number of minutes in 14 hours is:60 × 14 = 840 minutes.
Step 2: Calculate the number of units produced per minute.Now that you have the number of minutes in 14 hours, you can find the number of units that need to be produced per minute to match the market demand.
The number of units that need to be produced per minute is equal to the market demand divided by the total minutes in 14 hours.
Therefore,Number of units produced per minute = Market demand / Total minutes
Number of units produced per minute = 2,000 / 840
Number of units produced per minute = 2.38 (approximately)
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diamond water paradox solution is resolved thru which following concept? group of answer choices marginal cost approach total utility approach marginal utility approach diminishing marginal returns.
Answers
The Diamond Water Paradox is resolved through the concept of marginal utility approach. The Diamond Water Paradox, first proposed by economist Adam Smith, questions why diamonds, which are relatively scarce, have a higher market value than water, which is essential for survival but abundant.
The resolution of this paradox lies in the concept of marginal utility approach. The marginal utility approach suggests that the value of a good or service is determined by its marginal utility, which refers to the additional satisfaction or utility derived from consuming one more unit of that good or service. According to this approach, the value of a good is not solely based on its total utility or usefulness, but rather on the additional utility derived from consuming each additional unit.
In the case of the Diamond Water Paradox, the marginal utility of diamonds is higher than that of water because the additional satisfaction or utility gained from consuming an additional unit of diamonds is perceived to be higher than the additional utility gained from consuming an additional unit of water. This difference in marginal utility leads to a higher market value for diamonds despite their scarcity compared to water. Therefore, the concept of marginal utility approach provides the explanation for the resolution of the Diamond Water Paradox.
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What expenses do you need to budget for if you choose to buy a home? Check all that apply.
A. a mortgage payment
B. a rent payment
C. homeowners insurance
D. renters insurance
E. property taxes
F. a security deposit
G. a down payment
H. utility payments
Answers
If you choose to buy a home, you will need to budget for the following expenses:
A mortgage payment (A): This is the monthly payment you make to the lender to pay off the loan you took out to purchase the home. It typically includes both the principal (the amount you borrowed) and the interest (a fee charged by the lender for lending you the money).Homeowners insurance (C): This insurance protects your home and belongings in the event of damage from natural disasters, accidents, or theft. It is typically required by mortgage lenders and is usually paid for annually or semi-annually.Property taxes (E): These are taxes that you pay to the government based on the value of your property. The tax rate and frequency of payment vary depending on where you live.A down payment (G): This is the initial payment you make towards the purchase of your home, which is typically a percentage of the home's purchase price. The larger the down payment, the lower your monthly mortgage payment will be.Utility payments (H): These are payments for services such as electricity, water, gas, and internet, which you will need to pay monthly.You do not need to budget for a rent payment or renters insurance if you are buying a home. However, if you are renting a home or apartment, you will need to budget for rent payments and renters insurance. A security deposit may also be required when renting, which is typically a one-time payment equal to one month's rent.
What expenses do you need to budget for if you choose to buy a home? Check all that apply.
✔️ a mortgage payment
❌ a rent payment
✔️ homeowners insurance❌ renters insurance
✔️ property taxes❌ a security deposit
✔️ a down payment✔️ utility paymentsI Took Assignment And Have a Nice Day.
Price $
190
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110
89
A
D
$2
S1
Q millions of barrels
www.economicshelp org
What is the new equilibrium price for this product after the supply curve shift?
O 110
O 190
08
Answers
A price is the quantity of payment or compensation given by one party to another in return for goods or services.
What is the meaning of Price?A price is the sum of money that one party pays or receives in exchange for another's goods or services. The cost of production may go by another name in some circumstances. If a product is classified as a "good" in a commercial exchange, its price is most likely to be referred to as such.
Price simply refers to the value you fork out to get goods or services. It is not the same as the word cost. Cost is the total sum of the inputs used to produce a good, while value is the amount that goods or services are worth to the buyer.
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at the beginning of the year, you purchased a share of stock for $52. over the year the dividends paid on the stock were $2.65 per share.
Answers
If you purchased a share of stock for $52 at the beginning of the year and received $2.65 in dividends per share over the course of the year, then your total return on investment would be $54.65. This is calculated by adding the $52 original investment to the $2.65 in dividends received.
It's important to note that this calculation does not take into account any potential changes in the stock's value throughout the year.
Step 1: Calculate the total dividends paid for the share.
Since you have only one share and the dividends paid per share is $2.65, the total dividends paid for your share is:
Total dividends = Number of shares × Dividends per share
Total dividends = 1 × $2.65
Total dividends = $2.65
Step 2: Summarize your answer.
At the beginning of the year, you purchased a share of stock for $52, and over the year, the dividends paid on the stock were $2.65 per share. Therefore, you received a total of $2.65 in dividends for your single share during the year.
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With the kohl’s/amazon partnership, customers can purchase items from amazon online or through the amazon mobile app, process a return through their amazon account, and drop the item off at a kohl’s store without a box or label. This process is a great example of _______.
Answers
Answer:
a great return process
Explanation:
i used it very good and got my money back
With the kohl’s/amazon partnership, customers can purchase items from amazon online or through the amazon mobile app, process a return through their amazon account, and drop the item off at a kohl’s store without a box or label. This process is a great example of a omni-channel marketing
What is omni-channel marketing ?Omnichannel marketing is the combination and collaboration of different channels that organizations use to communicate with consumers with the goal of creating a unified brand experience. This includes physical (eg stores) and digital channels (eg websites). The goal of a multi-channel marketing strategy is to create a convenient, seamless user experience for consumers that offers many application possibilities. An omnichannel strategy can allow consumers to find and buy online, in-store or a combination of the two - for example, "buy online and pick up in store". Today, organizations from a variety of industries are adopting omnichannel strategies, including healthcare, retail, finance, technology and more.
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Which would be subtracted from net income in the operating section of an indirect cash flow statement? A) An increase in sales tax payable B) An increase in inventory C) A decrease in Notes Payable
D) A decrease in prepaid expenses
Answers
"An increase in inventory" would be subtracted from net income in the operating section of an indirect cash flow statement. Therefore, the correct answer is B) An increase in inventory.
In the operating section of an indirect cash flow statement, changes in current assets and current liabilities are adjusted to net income in order to calculate the cash flow from operating activities. An increase in inventory is subtracted from net income because it represents a use of cash to purchase additional inventory. Therefore, it is a negative adjustment to net income in the operating section of the indirect cash flow statement.
On the other hand, an increase in sales tax payable (A) and a decrease in notes payable (C) are both added to net income because they represent sources of cash. A decrease in prepaid expenses (D) is also added to net income because it represents a decrease in the use of cash for prepaid expenses.
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the amount by which price exceeds the seller's reservation price is . multiple choice question. total surplus producer surplus excess supply marginal cost
Answers
The amount by which price exceeds the seller's reservation price is producer surplus.
What is producer surplus?Producer surplus is the difference between the price a seller is willing to sell a good or service for and the price they actually receive in the marketplace. It represents the benefit that producers receive from selling their goods or services in the market. It is calculated as the difference between the market price and the seller's reservation price (the minimum price that a seller is willing to accept for a good or service).
Total surplus, on the other hand, is the sum of consumer surplus and producer surplus, and represents the total benefit that all market participants receive from a transaction.
Excess supply occurs when the quantity of a good or service supplied exceeds the quantity demanded at a given price, resulting in a surplus. Marginal cost is the additional cost incurred to produce one additional unit of a good or service.
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Describe Your action as it applies to the problem
Step 1-define the problem
Step 2-Gather information➡️option 1:,option2
step 3-Evaluate your opinions➡️opinion1:, opinion2:
Step 4- Make a decision
Step 5- implement your decision. Plisss help meeeee
Answers
Answer:
Okay fr go to essay typer
Explanation:
This is fr not a scam it does your paper for you promise
Which of the following is involved in a competitive firm's short-run production decision?
A) Deciding whether to build an additional factory or not.
B) Choosing a rate of output using the existing plant and equipment.
C) Changing the scale of operations.
D) Deciding what price to charge for its product.
Answers
n the short-run, a competitive firm cannot change its plant and equipment, so options A and C are not applicable. Option D is also not correct because a competitive firm is a price taker, meaning it has to accept the market price for its product. Therefore, the only decision a competitive firm can make in the short-run is to choose the optimal rate of output based on its marginal cost and revenue.
In a competitive firm's short-run production decision, the focus is on adjusting output levels using their current resources rather than expanding or changing the scale of operations.
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An asset is projected to generate 16 annual cash flows of $4,000 starting 7years from today. If the discount rate is 8%, how much is this asset worth today?
Answers
Therefore, the asset is worth approximately $28,650 today, given the provided cash flows and discount rate.
To determine the present value of the asset, we can use the formula for the present value of an annuity:
\(PV = C * [(1 - (1 + r)^{-n}) / r]\)
Where:
PV = Present value
C = Cash flow per period
r = Discount rate
n = Number of periods
In this case, the cash flow per period (C) is $4,000, the discount rate (r) is 8%, and the number of periods (n) is 16.
Let's calculate the present value:
\(PV = $4,000 * [(1 - (1 + 0.08)^{-16}) / 0.08]\)
\(PV = $4,000 * [(1 - (1.08)^{-16}) / 0.08]\)
PV = $4,000 * [(1 - 0.4270) / 0.08]
PV = $4,000 * (0.5730 / 0.08)
PV = $4,000 * 7.1625
PV ≈ $28,650
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In sand casting, determine the cost of Malleable Iron at the spout (Cms) per kilogram if (1) the labor cost for furnace operation per kilogram of poured metal is $0.012/kg, (2) the fixed furnace cost is $270/m3, (3) the cost of electricity is $0.097/(kW.h), and (4) the furnace efficiency is 85%.
Answers
The cost of Malleable Iron at the spout (Cms) per kilogram in sand casting is 1.3%.
To determine the cost of Malleable Iron at the spout (Cms) per kilogram in sand casting, we need to consider the following factors:
Labor cost for furnace operation per kilogram of poured metal: $0.012/kg
Fixed furnace cost: $270/m3
Cost of electricity: $0.097/(kW.h)
Furnace efficiency: 85%
We can use the following formula to calculate the cost of Malleable Iron at the spout (Cms) per kilogram:
Cms = (F + L + E) / (W x E)
where Cms is the cost of Malleable Iron at the spout per kilogram, F is the fixed furnace cost per kilogram, L is the labor cost for furnace operation per kilogram of poured metal, E is the cost of electricity per kilogram, and W is the weight of the poured metal.
To calculate F, we need to convert the fixed furnace cost from m3 to kg. Assuming a density of 7.2 g/cm3 for Malleable Iron, we get:
F = $270 / (7.2 x 1000) = $0.0375/kg
To calculate E, we need to determine the electricity consumption per kilogram of poured metal. Assuming an efficiency of 85%, we get:
Electricity consumption = 1 / (0.85 x 3600) = 0.00032 kW.h/kg
Therefore, the cost of electricity per kilogram is:
E = $0.097 / 0.00032 = $303.125/kg
Assuming a weight of 1 kg of poured metal, we can calculate the cost of Malleable Iron at the spout per kilogram as follows:
Cms = ($0.0375 + $0.012 + $303.125) / (1 x $303.125) = 1.3%
Therefore, the cost of Malleable Iron at the spout (Cms) per kilogram in sand casting is 1.3%.
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question modemultiple select questionselect all that applyof the following, which three would be considered a component of the marketing plan? (check all that apply.)multiple select question.advertising tie-insproduction schedule marketing strategy situation analysis financial section
Answers
The three components that would be considered component of marketing plan are advertising, financial section and marketing strategy.
What is advertising?Advertising is a process and a set of techniques used to promote a product or service. Businesses try to get consumers to notice their products and services by using advertising. Commercial advertising typically aims to increase customer use of their products or services through "branding," in which consumers associate a product name or image with particular characteristics. On the other side, direct-response advertising describes commercials that are intended to stimulate an immediate purchase. Non-commercial entities that advertise their goods or services more than for-profit businesses include political parties, interest groups, religious institutions, and governmental agencies. Public service announcements are one type of free persuasion that non-profit groups are permitted to use.
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Which is an example of E-commerce? A. Hot dog stand B. Cable company C. Online boutique D. Car wash
Answers
An example of an E-commerce is an online boutique.
What is E-commerce?
E-commerce is a business that exists online. For example, if a person establishes sells items on a website or on a social media platform, the person is operating an e-commerce. An example of an e-commerce business is ASOS.
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Think about where you will be in your career and your life five years into the future. Create a list of the jobs that you think you will have, the additional skills you might develop, and the further education you will pursue. Using this list, prepare a résumé for yourself that reflects where you believe you will be in five years. Once you have prepared the résumé, share it with someone in your family or with a close friend. Ask them for their insight as to whether the résumé is an accurate portrayal of where they think you will be in five years. If their opinion is different from yours, can you determine why? How might this information factor into your present and future career decision-making?
Answers
Explanation:
It is essential that when choosing the business administration course there is a directing of the student to one of the multiple administrative areas in which a career can be built.
Assuming that there is an interest in building a career with a focus on entrepreneurship in the market, it is necessary that there are significant skills for entrepreneurs, that is, communication skills, flexibility, and conceptual skills, which allow the administrator a broad view of the business, coordinating and controlling its resources to position itself favorably in the competitive market.
If your focus is to open a new business, it is necessary that you evaluate your profile, considering that this is an activity that requires resilience, organization, a lot of study and determination. When preparing your resume and asking for the opinion of people close to you, analyze if the characteristics of an entrepreneur will match yours, and adjust to develop them if necessary, seek support material, such as great scholars, scientific articles, try to observe the business scenario, and dedicate yourself to making your business prosper.
The United Nations (UN) has many goals. Which statement below is one of its goals?
Question 2 options:
to provide tax cuts to the ultra wealthy throughout the world
to promote anti-vaccination campaigns
to end extreme poverty
to stay out of assisting in national elections, leaving the issue of voting to each individual nation or country
Answers
Answer:
to promote anti- vaccination campaigns
what hostile intelligence collection method is the process
Answers
This hostile intelligence collection method is called espionage.Espionage is the crime of spying on or covertly monitoring.
The complete spectrum of intelligence-gathering technologies is used by hostile intelligence agencies, including communications interception, electronic surveillance, collecting emissions from equipment, breaking into computer systems, photoreconnaissance, and acquiring S&T data from the United States.
Espionage is the crime of spying on or covertly monitoring a person, business, government, or other entity with the intention of acquiring sensitive information or spotting fraud and transferring it to another entity or state.
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clarisse wants to pick up her new air fryer at target. the air fryer had been out of stock, but customer service assured clarisse that she could pick it up on tuesday after 1 pm. what do target employees use to ensure the air fryer will be in stock at the store and ready for pick up?
Answers
Mobile Task Manager (MTM) is simply known to be well customize application or software. Target employees will make use of mobile task management technology to ensure the airfryer will be in stock at the store and ready for pick up.
The Mobile Task Manager is known to assist or helps engineers and property team members to manage service request and also work order and preventative maintenance tasks on the fly or easy way.It is said to have new features to improve functionality and its use.
A project management software also as a mobile app helps one to view one's software from your mobile device from anywhere at any time.
The full question is below
Clarisse wants to pick up her new air fryer at target. the air fryer had been out of stock, but customer service assured clarisse that she could pick it up on tuesday after 1 pm. what do target employees use to ensure the air fryer will be in stock at the store and ready for pick up. What do Target employees use to ensure the airfryer will be in stock at the store and ready for pick up?
O product development software
O mobile task management technology O advanced shipping notices fulfillment centers
O routing systems
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using data to demonstrate the connections between implemented hr practices and agency performance is
Answers
Using data to demonstrate connections between implemented HR practices and agency performance is referred to as "HR analytics".
The HR analytics involves collecting, analyzing, and interpreting data related to HR practices, employee behavior, and organizational performance to gain insights and make data-driven decisions.
By examining the data, organizations can identify correlations, trends, and patterns that help establish the impact of specific HR practices on agency performance.
This approach enables organizations to measure the effectiveness of their HR strategies, identify areas for improvement, and make informed decisions to optimize HR practices and ultimately enhance agency performance.
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The given question is incomplete, the complete question is
Using data to demonstrate the connections between implemented hr practices and agency performance is called as ?
Where do you report a stolen credit card to efta standards or pci standards
Answers
A merchant's PCI DSS compliance can be confirmed using the PCI Report on Compliance. The PCI DSS's standards and procedures were created to increase the security of credit card-based transactions and safeguard cardholder data from fraud and other unauthorized uses of their personal data.
To protect cardholders' private information and boost the security of transactions involving credit, debit, and cash cards, the Payment credit card Industry Data Security Standard (PCI DSS) is a well-known set of rules. PCI Compliance is NOT a one-time project but an ongoing practise. Merchants (the Business Owner) are in charge of overseeing the finances of their company's activities.
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Setting the research objectives and identifying possible marketing actions are things that would be completed in which step in the marketing research approach?
Answers
Setting the research objectives and identifying possible marketing actions are both part of which step in Define the problem of marketing research approach
For better understanding let's explain what define the problem mean
Define the problem is the first step in the marketing research processThis is the step where one set research objectives to help achieving organization goal and list out all the various market actionsFrom the above we can therefore say that the answer Setting the research objectives and identifying possible marketing actions are both part of which step in Define the problem of marketing research approach
is correct
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pros and cons of min wage essay
Answers
Answer
Hope this answer will help you.
highlight four reasons why a seller would prepare a proforma invoice???
Answers
Answer:
Pro forma invoices are sent to buyers ahead of a shipment or delivery of goods or services. Most pro forma invoices provide the buyer with a precise sale price. A pro forma invoice requires only enough information to allow customs to determine the duties needed from a general examination of the included goods.
Explanation:
hope i help
An example of a job that involves working mainly with receipts and bills is a(n):
A. Pediatrician
B.Reporter
C.Bookkeeper
D. Child-care Worker
Answers
Felix opens a credit card with no annual fee, so he assumes that using the credit card regularly will be absolutely free for the next two years while he finishes grad school. Why is his assumption incorrect?.
Answers
If Felix opens a credit card with no annual fee, so he assumes that using the credit card regularly will be absolutely free for the next two years while he finishes grad school. His assumption is incorrect: A. Unless he pays the whole bill every month, he will pay interest according to his APR.
What is credit card?Credit card can be defined as the card that is issued by credit card merchant to borrower, and this card enables them to buy goods on credit in which they are expected to pay back the amount used to buy the goods and services.
Felix assumption is not correct as using a credit card regularly does not guarantee that the credit will be free unless he pays all the bill each month, he will have to pay the interest based on his annual percentage rate.
Therefore the correct option is A.
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The complete question is:
Felix opens a credit card with no annual fee, so he assumes that using the credit card regularly will be absolutely free for the next two years while he finishes grad school. Why is his assumption incorrect?.
a. Unless he pays the whole bill every month, he will pay interest according to his APR
b. He will automatically pay penalty fees if he uses his credit card for more than 3 consecutive months
c. If his grace period is any longer than 10 days, he will have to pay fees
d. He will need to pay a separate student fee because he still is in grad school
In 2017, being "born global" is a must for fledgling businesses. Doing so is easier than you think, says Suranga Herath, CEO of English Tea Shop. onventional wisdom says that a business should get its domestic ducks in a row, before venturing overseas. But in the digital age, a new generation of businesses is making a strong case for nearly all new businesses to be "born global", that is, have an immediate focus on the international stage. The arguments for exporting are well known: it can increase the prestige of your brand and can allow you to tap into unexploited economies[1]. My argument is therefore: with all the benefits that going global offers...why wait...Why not be born global? Being born global is easier than you think Being born global may seem radical, but can be much, much simpler than many think. For me, being born global isn't necessarily about having offices and employees overseas, or prioritising the international side of things although it can be. In its purest sense, being born global is a mindset where businesses seek international opportunities from the very beginning. Cutting to the chase - how being born global accelerates growth The benefits of being born global can be profound - take my business English Tea Shop as an example. Launching in 2010, we set out creating a brand we knew would resonate with global audiences. Indeed, the UK didn't become a focus for us until 2012. While domestic sales now account for around a third of our UK business, an immediate international outlook allowed us to grow very rapidly. We're now in 50 markets around the world. In short, there's no way we would have achieved this kind of scale if we'd had a domestic-first approach. Should your business be born global? I believe almost any business could in some way be born global. But there are a number of factors to consider when asking whether it's right for your business. Language and cultural barriers, logistics, market knowledge, manpower are all very valid reasons why businesses refrain from going global. But to my mind, if managed practically, the potential challenges are completely outweighed by the potential gains. This is particularly true when you consider the direction the world is moving in - that is, by and large, closer together. In particular, developing markets are where businesses can find the fastest growth and if you're not international, you're not in the game. With that in mind, and from my own experience here are five insights to help a fledgling business be born global: However big or small, include an international element in your business plan. This will focus your mind on the opportunities that lie overseas. It may be the core of your strategy, or just something you'd like to explore in the future, but make sure it's there. Start - but don't stick - with what you know. Maybe you've spotted a niche in a certain market, maybe you speak a language, maybe you have relatives living overseas. In some cases it may be appropriate to start your international journey there. However, keep an open mind - there's a whole world of opportunity out there. Find the right balance. The optimum split between domestic and international differs from business to business. English Tea Shop started off being 100% international but we've now dialled it back to being about 70/30. We're entering new markets all the time and we think it's vital to maintain a sense of agility. Use external resources. Logistics providers, UKTI, small business media - there's a whole wealth of information out there to support and guide you from the very beginning. If there are any areas of expertise or practical knowledge you feel you're lacking, you can be sure help is there for those who ask for it. Be ready for the rush. If all goes to plan, your business will grow rapidly - and for this reason you should make sure you have a solid infrastructure in place if things suddenly explode.
Answers
Being "born global" is a mindset where businesses seek international opportunities from the very beginning. It is much, 3SPJmuch simpler than many think and can accelerate growth. It is a must for fledgling businesses in 2017.
The advantages of being born global can be profound. Being born global is a mindset where businesses seek international opportunities from the very beginning. In its purest sense, being born global is a mindset where businesses seek international opportunities from the very beginning. The benefits of being born global can be profound.
In particular, developing markets are where businesses can find the fastest growth. Language and cultural barriers, logistics, market knowledge, manpower are all very valid reasons why businesses refrain from going global.However, if managed practically, the potential challenges are completely outweighed by the potential gains. It is much, much simpler than many think and can accelerate growth. If you're not international, you're not in the game.
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